Bitget to Compensate Users for Losses Due to Extreme $BGB Fall

Crypto exchange Bitget has announced that it will compensate for users who suffered from huge losses triggered by extreme fluctuations in its native token, BGB’s price.

Bitget’s official issued a statement in Chinese today saying that in response to the abnormal price fluctuation of BGB from 10:53 to 10:58 this morning, Bitget is fully investigating the reason and providing feedback to users as soon as possible.

Moreover, the Bitget official said that the platform will develop a compensation plan within 24 hours, and complete the compensation within 72 hours.

检讨书
Hi 大家好，我是家印。作为Bitget 华语负责人，我对今日 #BGB 价格异动事件深表歉意。本次事件还在调查，我们会在24小时内制定并公示赔偿方案，72小时内完成全部用户的赔付。
在此，家印非常负责任的回应大家，#Bitget… https://t.co/HVBXqa6uBb

— 谢家印 (@xiejiayinBitget) October 7, 2024

Early morning today, the Bitget exchange platform token BGB suddenly plummeted from $1.14 to a minimum of ￥0.53(USD 0.074), recording a drop of more than 50%. The coin then began to recover. The reason behind the huge fluctuation remains currently unknown.

The Chinese person in charge of Bitget, Xie Jiayin, posted, “In the third quarter of 2024, our global market share has reached an astonishing 11%, ranking fourth in the world. The asset reserve exceeds 176%, and there is also the world’s second largest Bitget protection fund of more than US$400 million, second only to Binance, to ensure that users who encounter similar black swan events can quickly obtain compensation.

Bitget will not let any user suffer any injustice.”

A similar situation occurred on July 5 and January 23 with OKX’s native token, OKB, which fell from a high of $48 to a low of $25.

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